2017 (10) TMI 1120 – MADRAS HIGH COURT – TMI – Recovery of the arrears of central excise duty – Garnishee notice – Section 11 of the CEA, 1944 – Held that: – the petitioner has now paid only four instalments and defaulted in payment of the fifth instalment – the first instalments of ₹ 21.54 lakhs was paid on 11.09.2017, and even before the petitioner could take steps to pay the second installment before 22.9.2017, one of the secured creditors, who had lent monies to the petitioner, viz. ICICI Bank had moved the National Company Law Tribunal (Division Bench) Chennai (NCLT) by filing CP/564(IB)/CB/2017, under Section 7 read with Rule 4 of the Insolvency and Bankruptcy Code, 2016 – the petitioner can no longer maintain the present Writ
= = = = = = = =
Plain text (Extract) only
For full text:-Visit the Source
= = = = = = = =
ion will be initiated against them under Section 11 of the Central Excise Act, 1944. 3. When this Writ Petition came up for hearing, this Court granted an interim order on 07.09.2017, directing the petitioner to show their bona fides by paying a sum of ₹ 43.08 lakhs in two instalments on or before 22.9.2017, and the said interim order reads as follows :- Heard the learned counsel for the petitioner and Mr.V.Sundareswaran, learned Senior Panel Counsel accepting notice for the respondents. 2. The petitioner is aggrieved by the garnishee notice issued by the third respondent for recovery of the arrears of central excise duty. 3. The first respondent was magnanimous enough to grant permission to the petitioner to pay the arrears in 18 equ
= = = = = = = =
Plain text (Extract) only
For full text:-Visit the Source
= = = = = = = =
ere will be an interim order as prayed for. It is needless to state that the petitioner shall not commit any default in payment of future instalments. List on 05.10.2017 for further directions. 4. The learned counsel appearing for the petitioner submits that the first instalments of ₹ 21.54 lakhs was paid on 11.09.2017, and even before the petitioner could take steps to pay the second installment before 22.9.2017, one of the secured creditors, who had lent monies to the petitioner, viz. ICICI Bank had moved the National Company Law Tribunal (Division Bench) Chennai (NCLT) by filing CP/564(IB)/CB/2017, under Section 7 read with Rule 4 of the Insolvency and Bankruptcy Code, 2016, and the NCLT has passed an order on 13.9.2017, appointing
= = = = = = = =
Plain text (Extract) only
For full text:-Visit the Source
= = = = = = = =